Reuters: Global Markets: Red Hat's profit rises, shares down

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Red Hat's profit rises, shares down Mar 27th 2013, 20:19 Wed Mar 27, 2013 4:58pm EDT (Reuters) - Red Hat Inc (RHT.N), the world's largest commercial distributor of the Linux operating system, reported lower-than-expected fourth-quarter revenue, sending its shares down 11 percent after markets closed. Net income rose to $43 million, or 22 cents per share, in the fourth quarter, from $36 million, or 18 cents per share, a year earlier. Excluding items, the company earned 36 cents per share. Revenue rose 17 percent to $348 million. Analysts on average expected adjusted earnings of 30 cents per share, on revenue of $350 million, according to Thomson Reuters I/B/E/S. "We see institutional buyers backing off without really giving a clear reason why," Cross Research analyst Richard Williams said. Red Hat's Linux operating system is a major competitor to Microsoft Corp's (MSFT.O) Windows in corporate markets, especially on servers. Shares of the company were trading at $44.45 after closing at $49.97 on the New York Stock Exchange on Wednesday. (Reporting by Neha Alawadhi and Aditya Kondalamahanty in Bangalore; Editing by Joyjeet Das) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions